ECON 2020 Midterm: Exam-ECON2002-2002December[1]

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turquoisegnu128

31 Jan 2019

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D e p a r t m e n t n a m e & c o u r s t : n u m b e r : U o u r s e i n s l r u c t o r \ s ) t ^ ^ + - , , ^ + ^ . E c o n 2 0 0 2 8. 3 e f o r e b e g i n n i n g t o p a g e s . \zhen you use diagrams, pleasc completely label the diagram (axes, q11rv9ql. Answer one of the two questions (your choicc). Economists olten assume that a:r individual"s indifference curve exhibits a "diminishing marginal rate of substitution" (in other words, the indifference curve is convex). Include separate cliagrams for each case that show a) thc indifference curyes, b) hor.

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Economist Robert Gordon of Northwestern University recently predicted that U.S. economic growth would slow dramatically over the next 40 years even with innovation, technological advances, and productivity increases. His claim is that future innovation is no match for the âheadwindsâ of demographic shifts, education stagnation, unequal income distribution, and high debt that will cause growth to remain slow in the U.S. (Gordon, 2014). Another economist, Erik Brynjolfsson, has presented alternative interpretations of innovation and technological advance. For this essay, watch Erik Brynjolfssonâs TedTalk regarding economic growth at http://www.ted.com/talks/erik_brynjolfsson_the_key_to_growth_race_em_with_em_the_machines#t-699439

Then, write an essay that describes your position on the subject of economic growth. Is economic growth still possible in the U.S. or has the U.S. growth rate peaked? Provide economic reasons and supporting evidence for your position. The essay should be 2 â 3 pages long, must be in APA format, and may have no more than 5% direct quotes.

. Vouchers to Pay Private School
Tuition
Two conditions that justify government intervention in a market are the presence of external benefits and equity concerns. Both of these issues are present in the case of primary and secondary education in the United States. Think about what education without government education would look like. In the absence of government intervention, all primary and secondary education in the US would be private. Public school districts would not exist. Parents would need to pay private firms (schools) to educate their children.

External benefits

If all education were private, itâs likely that people would buy too little education, from societyâs point of view. External benefits are one reason. When a child is educated, he or she benefits and we expect his or her parents to take those benefits into account when they purchase education. But there are additional benefits to society which parents may ignore. As people become more educated, they are less likely to be unemployed or be criminals and are more likely to volunteer and vote. The presence of these external benefits is an example in support for the government getting involved in education.

Equity

Many families in the United States have low incomes. Among all children in first through twelfth grades in 2001, 46% were from families with incomes below $40,000. Since the cost of private education would be an important share of these familiesâ incomes, most Americans would be concerned about the fairness of relying on markets to decide how much education children receive. Current spending by these families on private education provides some support for this concern. Of all children in private school in 2001, only 25% were from families with incomes below $40,000. Therefore, equity concerns are another example in support for government getting involved in education.

Providing vs. producing education

Most economists think external benefits and equity concerns justify government intervention in education. But it is important to distinguish between government production of education and other forms of government intervention. At the level of elementary and secondary education, K- 12 education, government intervention today mostly means production of education by local school districts. To benefit, children must attend public schools. But this is not the only form intervention could take.
There are other markets where government intervention takes the form of subsidizing peopleâs access to productsâthink of financial aid to college students, for example. Many people in the US think that government should move from producing education to subsidizing access.

One form that subsidy could take is government providing vouchers to parents. Parents would use the voucher to help pay for their childâs education in a private school. After it receives the voucher, the school would turn it in and be paid by a local or state government.

Today there is a lively debate between people who think K-12 education should be delivered publicly and people who think quality and efficiency would be higher if government provided vouchers and the education was delivered by private schools. Some of these quality and efficiency arguments can be based on material we covered this week. Price competition between private schools will pressure each one to produce efficiently. Competition for students will lead private schools to offer programs of interest to parents and their children.

Answer the questions below and make use of the sources supplied. Be sure to cite you sources in your answers.

1. Explain whether a potential exit by students with vouchers will lead to the improvement of public schools. 2. Discuss whether the implementation of vouchers will lead the best students to leave public school, which could lead to a decline in education for the students left behind in the public schools. 3. Consider what might happen to the students who use vouchers to leave public schools in order to attend private schools. How might their academic performance change as a result of switching? 4. Finally, think about the impact of a voucher system on the students in an urban setting. Describe whether all families would have an equal opportunity to access education.

Your final product will be a paper that: ? Addresses each of the four questions above in total. ? Is APA formatted. ? The body is to be 2 pages minimum.

The requirements for your assignment are: 1. Answer each question fully 2. Define the overall subject of each question. 3. Cite at least three (3) resources from this weekâs materials.

8. Write a class called WordSet representing a set of String objects which can contain an arbitrary number of strings, limited only by the memory available to the Java Virtual Machine. A set is a collection of elements, however, unlike a list, a set cannot contain duplicate elements. Therefore, as its name implies, a WordSet object cannot contain duplicate Strings that is, if one attempts to da String to a Wordset, and the wordset already contains an element which is equal to this string, the attempt will fail and the state of the Wordset will not change. All String comparisons performed in the methods defined in the Wordset class are done in a Case SENSITIVE manner. Note that in the method descriptions below, the phrase "this Wordset" means "the Wordset on which the method in question is called." Your Wordset class MUST provide the following INSTANCE methods • A constructor, which takes no parameters and initializes the new Wordset ohject so that it contains no elements • A method called add(), which takes as its only parameter a string and returns a value of type boolean. If this Wordset already contains a string which is equal to the parameter string, or the parameter String is null, then the state of this Wordset does not change and the method return false; otherwise, the parameter String is added to this Wordset. and the method returns true. • A method called remove().which takes as its only parameter a string and returns a value of type boolean. If this wordSet contains a string which is equal to the parameter String this string is removed from the WordSet and the method returns true. On the other hand, if the string parameter is null or this Wordset does not contain a string which is equal to the parameter string, then the state of this wordset does not change, and the method return false. • A method called get.size(), which takes no parameters and returns the number of strings currently stored in this Wordset. This method MUST NOT change the state of this Wordset. • A method called isMember(). which takes as its only parameter a string and retumsa value of type boolean which is true if this wordset contains the parameter String false otherwise. If the parameter String is null, this method also return false. This method MUST NOT change the state of this wordset. • A method called computebirrerence().which takes as its only parameter a Wordset and returns a new Wordset representing the difference between this wordset and the parameter Wordset: in other words, the WordSet returned by this method contains all the strings that are in this wordset, but not in the parameter Wordset. If the parameter Wordset contains all the elements of this WordSet or this WordSet contains no elements, then this method returns a new Wordset containing no elements. Finally, if the parameter Wordset is null or contains ne strings, then this method returns a new wordset which contains all the elements of this wordset. This method MUST NOT change the state of this wordset or the parameter Wordset. • A method called tostring , which takes the parameters and turns a string which is the textual representation of this wordset. This textual representation consists of the concatena tion of the following clements - The String - The text representation of each clement in the WordSet; cach pair of adjacent clements is separated by the String", but this String MUST NOT appear before the first clement or after the last element - The String") The order in which the elements of this Wordset appear in the textual representation generated by the tostring() method does not matter. If the WordSet contains to Brings, then the textual representation returned by this method is ". Note that you MUST respect proper encapsulation practices that is, the attributes and methods of your class MUST be declared using the proper visibility modifier NINT Um an array list (of string) to keep track of the string stored in a wordt ob joot Is there a method defined in the Array loist class which determines whether in clementis already wored in an array ist, and which will do a case-sensitive comparison when liked on an Arraylint of strings? See the pages 24-26 of this examination for information about potentially useful methods defined by the ArrayList class WRITE YOUR Wordset CLASS IN THE SPACE BELOW:

ECON 2020 Midterm: Exam-ECON2002-2002December[1]

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